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Tectonic Gold Plc: Drilling Update From Mount Cassidy Project

Tue 9th February, 2021 7:00am
9 February 2021

TECTONIC GOLD PLC

(“Tectonic Gold” or the “Company”)

 Drilling update from MOUNT CASSIDY Project

Tectonic Gold plc (TDIM: TTAU), the specialist Intrusive Related Gold System
(“IRGS”) explorer, is pleased to announce further progress of the January
2021 drill program at Mount Cassidy, in Queensland, Australia. 

Mount Cassidy Highlights:
* 7 Holes completed for 778m, all intersecting gold bearing sulphides
* Maintains our 100% targeting accuracy record
* Previous surface sampling returned assays of +30g/t gold
* Historic mining records show +15g/t gold processed
* Textbook IRGS system confirmed
* Incident free campaign extending our perfect safety record
Mr. Brett Boynton, Managing Director – Tectonic Gold Plc commented:

“We are very encouraged with the visual review of samples from the drilling
at Mt Cassidy so far. The team has completed 7 holes with mineralisation
intersected in every hole, maintaining our perfect record in drill targeting.
We know from our extensive surface sampling and historic mining records, that
high grade gold at Cassidy is associated with pyrites, which we have picked up
in all of the holes to date. 

We have a strict safety-first policy, so with a major weather system nearby we
have put drilling on hold temporarily with 4 holes to go. From drilling
completed thus far, we have sufficient sampling to give us an excellent data
set for our initial proofing analysis. Mt. Cassidy is an important project as
Tectonic have made a discovery here which further justifies our IRGS
methodology and advanced exploration technologies used to identify a system
that had very limited surface expression.

We have tied together a number of disparate, historic, and artisanal scale
operations which we tested with a broad soil sampling program which has
provided indications that a large system might tie it together. We have
followed this work up with an innovative, deep penetrating, geophysics survey
that showed the structure of a major undercover system. Hitting mineralisation
at depth in our reconnaissance drilling program is a confirmation of many
years of field programmes; we are slowly putting this jigsaw puzzle together
and we are extremely excited to have samples in the lab and ready for assay.

Mt. Cassidy gives us a rapidly advancing follow-on project which will become
the focus should we progress our plans to partner on or sell down our nearby
Specimen Hill project.

We have fielded a lot of interest following our announcement that drilling had
begun at Mt Cassidy, so have provided a detailed summary of each of the holes
below to share some of our thinking and how we are working this project.”

Exploration Update:

The January 2021 drilling campaign at the Mount Cassidy Prospect completed 7
of a planned 11 holes with 4 holes postponed due to weather.

 Planned Holes  Planned Metres  Holes drilled  Metres Drilled  
 11 Holes       1,500m          7 Holes        970             

Samples have all been collected and logged and are in the laboratory for
processing. Assay results will be reported in due course.

Sulphides have been successfully intersected in every hole that was drilled.

                                                     Completed holes and geology                                                      
 Hole ID    Easting  MGA94 z55      Northing  MGA94 z55     RL  (AHD)     AZI  (MAG)    Dip                Total Depth                
  MCRC01          804,626                7,432,141             167            070       -65                    90m                    
                                                                                             * Target – 
                                                                                             A remnant 
                                                                                             magnetised 
                                                                                             feature   
                                                                                             and the   
                                                                                             top       
                                                                                             western   
                                                                                             portion of 
                                                                                             a Sub     
                                                                                             Audio     
                                                                                             Magnetics 
                                                                                             identified 
                                                                                             anomaly.  
                                                                                             Geology is 
                                                                                             represente 
                                                                                             d by a    
                                                                                             surface   
                                                                                             shear     
                                                                                             structure. 
                                                                                             
 *       
                                                                                             Intercepte 
                                                                                             d an      
                                                                                             oxidised  
                                                                                             grey chert 
                                                                                             with      
                                                                                             variable  
                                                                                             pyrite    
                                                                                             from trace 
                                                                                             to 2%     
                                                                                             Medium    
                                                                                             grey /    
                                                                                             pale green 
                                                                                             grey      
                                                                                             speckled  
                                                                                             variably  
                                                                                             fgr-mg    
                                                                                             pervasivel 
                                                                                             y         
                                                                                             silicified 
                                                                                             ,         
                                                                                             feldspars 
                                                                                             over      
                                                                                             Biotite   
                                                                                             intermedia 
                                                                                             te        
                                                                                             intrusive, 
                                                                                             with min  
                                                                                             hematite, 
                                                                                             quartz    
                                                                                             veins &   
                                                                                             epidote   
                                                                                             altered   
                                                                                             quartz    
                                                                                             veins.    
                                                                                             * Pyrite, 
                                                                                             &         
                                                                                             arsenopyri 
                                                                                             te is     
                                                                                             disseminat 
                                                                                             ed        
  MCRC07          804,972                7,433,446             107            100       -65                    100m                   
                                                                                             * Target – 
                                                                                             A magnetic 
                                                                                             anomaly   
                                                                                             with a    
                                                                                             coincident 
                                                                                             western   
                                                                                             portion of 
                                                                                             elevated  
                                                                                             magnetic  
                                                                                             susceptibi 
                                                                                             lity.     
                                                                                              *        
                                                                                             Intersecte 
                                                                                             d         
                                                                                             intensely 
                                                                                             silicified 
                                                                                             v-fgr     
                                                                                             Chert that 
                                                                                             is pale - 
                                                                                             medium    
                                                                                             green/grey 
                                                                                             intercalat 
                                                                                             ed with   
                                                                                             lesser    
                                                                                             dark grey, 
                                                                                             to pale   
                                                                                             green grey 
                                                                                             speckled  
                                                                                             variably  
                                                                                             mg-cg     
                                                                                             pervasivel 
                                                                                             y         
                                                                                             silicified 
                                                                                             ,         
                                                                                             feldspars 
                                                                                             over      
                                                                                             Biotite   
                                                                                             intrusive. 
                                                                                             
* Pyrite 
                                                                                             is        
                                                                                             disseminat 
                                                                                             ed        
                                                                                             throughout 
                                                                                             .         
  MCRC09          802,110                7,431,408             131            266       -65                    126m                   
                                                                                             * Target – 
                                                                                             Eastern   
                                                                                             portion of 
                                                                                             a linear  
                                                                                             magnetic  
                                                                                             and       
                                                                                             current   
                                                                                             channellin 
                                                                                             g feature. 
                                                                                             
 *       
                                                                                             Intersecte 
                                                                                             d dark    
                                                                                             grey /    
                                                                                             green -   
                                                                                             fine /    
                                                                                             medium    
                                                                                             grained   
                                                                                             chloritic 
                                                                                             in places 
                                                                                             with      
                                                                                             biotite   
                                                                                             and white 
                                                                                             feldspars 
                                                                                             with minor 
                                                                                             pyrite    
                                                                                             fresh and 
                                                                                             oxidised, 
                                                                                             minor     
                                                                                             epidote   
                                                                                             altered   
                                                                                             quartz    
                                                                                             vein’s 1mm 
                                                                                             - 5mm     
                                                                                             parallel  
                                                                                             occasional 
                                                                                             ly        
                                                                                             crosscutti 
                                                                                             ng from 0  
                                                                                             - 103m.   
                                                                                             Between   
                                                                                             103m –    
                                                                                             126m EOH  
                                                                                             dark grey 
                                                                                             green/pink 
                                                                                             medium/   
                                                                                             coarse    
                                                                                             grained   
                                                                                             with      
                                                                                             biotite   
                                                                                             and white 
                                                                                             and       
                                                                                             increasing 
                                                                                             pink      
                                                                                             feldspars 
                                                                                             down hole. 
                                                                                             
*        
                                                                                             Disseminat 
                                                                                             ed and    
                                                                                             veiniform 
                                                                                             pyrites   
  MCRC11    802,638          7,431,956               120              125           -62                        150m                   
                                                                                             * Target – 
                                                                                             Geophysica 
                                                                                             l         
                                                                                             anomalous 
                                                                                             eastern   
                                                                                             portion of 
                                                                                             a discrete 
                                                                                             remnant   
                                                                                             magnetised 
                                                                                             zone      
                                                                                             associated 
                                                                                             with      
                                                                                             chalcedoni 
                                                                                             c (low-T) 
                                                                                             quartz.   
                                                                                              *        
                                                                                             Intersecte 
                                                                                             d         
                                                                                             intercalat 
                                                                                             ed        
                                                                                             siliceous 
                                                                                             sediments 
                                                                                             with minor 
                                                                                             epidote,  
                                                                                             hematite, 
                                                                                             predominan 
                                                                                             tly       
                                                                                             unaltered 
                                                                                             protolith. 
                                                                                             
* Pyrite 
                                                                                             is        
                                                                                             disseminat 
                                                                                             ed        
                                                                                             throughout 
                                                                                             the       
                                                                                             sediment  
                                                                                             and does  
                                                                                             not appear 
                                                                                             to be vein 
                                                                                             related - 
                                                                                             mostly    
                                                                                             trace to  
                                                                                             minor     
                                                                                             throughout 
                                                                                             hole with 
                                                                                             Intermitte 
                                                                                             nt minor  
                                                                                             epidote & 
                                                                                             hematite  
                                                                                             from 84m  
                                                                                             to 110m.  
                                                                                             * A       
                                                                                             structure 
                                                                                             containing 
                                                                                             jasper in 
                                                                                             associatio 
                                                                                             n with    
                                                                                             pyrite    
                                                                                             ~10% was  
                                                                                             intersecte 
                                                                                             d from 124 
                                                                                             - 128m.   
  MCRC12          802,634                7,431,962             120            307       -62                    150m                   
                                                                                             * Target – 
                                                                                             Geophysica 
                                                                                             l         
                                                                                             anomalous 
                                                                                             eastern   
                                                                                             portion of 
                                                                                             a discrete 
                                                                                             remnant   
                                                                                             magnetised 
                                                                                             zone      
                                                                                             associated 
                                                                                             with      
                                                                                             chalcedoni 
                                                                                             c (low-T) 
                                                                                             quartz.   
                                                                                              *        
                                                                                             Intersecte 
                                                                                             d         
                                                                                             Intercalat 
                                                                                             ed        
                                                                                             siliceous 
                                                                                             sediments 
                                                                                             with the  
                                                                                             addition  
                                                                                             of some   
                                                                                             disseminat 
                                                                                             ed pyrite 
                                                                                             rich      
                                                                                             mudstones. 
                                                                                             
*        
                                                                                             Siliceous 
                                                                                             sediments 
                                                                                             were      
                                                                                             drilled to 
                                                                                             42m with  
                                                                                             some trace 
                                                                                             pyrite. A 
                                                                                             dyke was  
                                                                                             intersecte 
                                                                                             d between 
                                                                                             42-49m    
                                                                                             containing 
                                                                                             coarse    
                                                                                             grained   
                                                                                             chlorite  
                                                                                             alteration 
                                                                                             with      
                                                                                             biotite   
                                                                                             and 2%    
                                                                                             disseminat 
                                                                                             ed pyrite 
                                                                                             throughout 
                                                                                             .         
                                                                                             *         
                                                                                             Chalcopyri 
                                                                                             te was    
                                                                                             intersecte 
                                                                                             d in a    
                                                                                             mudstone  
                                                                                             between   
                                                                                             99m -101m. 
                                                                                             
* The    
                                                                                             rest of   
                                                                                             the hole  
                                                                                             intersecte 
                                                                                             d         
                                                                                             siliceous 
                                                                                             sediments 
                                                                                             with some 
                                                                                             minor     
                                                                                             mudstones 
                                                                                             (these    
                                                                                             mudstones 
                                                                                             have tr to 
                                                                                             min pyrite 
                                                                                             only)     
                                                                                             until EOH 
                                                                                             at 150m   
  MCRC17          802,418                7,432,720             113            060       -64                    132m                   
                                                                                             * Target – 
                                                                                             Discrete  
                                                                                             near      
                                                                                             surface   
                                                                                             magnetic  
                                                                                             feature   
                                                                                             associated 
                                                                                             with a Sub 
                                                                                             Audio     
                                                                                             Magnetic  
                                                                                             anomaly   
                                                                                             and highly 
                                                                                             distinct  
                                                                                             surface   
                                                                                             alteration 
                                                                                             .         
                                                                                              *        
                                                                                             Intersecte 
                                                                                             d medium  
                                                                                             grey /    
                                                                                             medium    
                                                                                             grained   
                                                                                             quartz fs 
                                                                                             groundmass 
                                                                                             with      
                                                                                             occasional 
                                                                                             biotite.  
                                                                                             *         
                                                                                             Disseminat 
                                                                                             ed pyrite 
                                                                                             to 2%     
                                                                                             variable  
                                                                                             oxidised  
                                                                                             and fresh. 
                                                                                             Epidote   
                                                                                             over      
                                                                                             quartz    
                                                                                             transition 
                                                                                             ing into  
                                                                                             medium    
                                                                                             grey /    
                                                                                             fine      
                                                                                             grained   
                                                                                             siltstone 
                                                                                             with cross 
                                                                                             cutting   
                                                                                             sub-1mm   
                                                                                             quartz    
                                                                                             veining   
                                                                                             and minor 
                                                                                             magnetite 
 MCRC18           802,076                7,431,577             132            280       -65                    30m                    
                                                                                                       
                                                                                                                                      

                                      
Target – Eastern portion of linear magnetic and Sub Audio Magentic anomaly.

                                       Intersected
an oxidised chert with ~1 % pyrite to 30m where it intersected a dark grey
green/pink, medium/ coarse grained intrusive with biotite & pink feldspars
with pyrite.

                                       Hole
suspended due to incoming weather system.

About the Mount Cassidy Prospect:

The Mount Cassidy prospect is located near Tectonic Gold’s flagship
Specimen Hill project, approximately 50km NW of the regional centre of
Rockhampton, Queensland Australia.

A large ovoid 4km(2) magmatic hydrothermal IRGS system, confirmed from
mineral chemistry and geophysical research, has been further assessed through
a collaborative research project between CODES and Tectonic Gold.

Gold bearing veins emanating within this porphyry system have been
historically mined with grades of 15g/t Au recorded from selective mining.

Geological mapping of the hydrothermal system at Mount Cassidy has confirmed
classic porphyry style potassic and phyllic alteration over a large area that
has been overprinted by gold bearing fluids emanating from a regional
reidel-style shear system that cross-cuts the prospect.

About Tectonic Gold:

Tectonic Gold is a specialist gold exploration company, focused on the
identification and delineation of large-scale, multimillion-ounce Intrusion
Related Gold Systems (“IRGS”). Tectonic Gold holds a number of gold
discoveries in the New England Orogen in Eastern Australia, a prolific gold
region that is home to Australia’s two largest gold production companies,
Newcrest Mining and Evolution Mining. Rio Tinto, one of the largest copper
companies in the world has recently taken a large tenement alongside
Tectonic’s Specimen Hill project

Qualified Persons:

Mr Jonathan Robbeson – BSc (Hons1), MEconGeol, MMinEng, (CP Geo) is a
full-time employee Signature Gold Limited and is a registered Chartered
Professional (Geology) with the Australian Institute of Mining and Metallurgy
(AusIMM – 304542). Mr Robbeson has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and the
activity being undertaken to qualify as a Competent Person as defined in the
Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange
and the 2012 Edition of the ‘Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Robbeson
consents to the inclusion in the release of the matters based on his
information in the form and context in which it appears.

The Directors of the Company accept responsibility for the contents of this
announcement.

For further information, please contact:

 Tectonic Gold plc Brett Boynton Sam Quinn www.tectonicgold.com. @tectonic_gold                                                              +61 2 9241 7665 
 VSA Capital Limited  Financial Adviser, Corporate Adviser and Broker Andrew Raca – Corporate Finance Andrew Monk – Corporate Broking       +44 20 3005 5000 

Ends

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.



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